White Paper - When Independent Amount meets Initial Margin

White Paper

When Independent Amount meets Initial Margin

ISDA’s ‘next generation’ versions of the Reg IM documentation set out three different options for managing the combination of IA and Reg IM, in the ‘margin flow approach’:

Distinct (IM) approach

Greater of (IM/IA) approach

Allocated (IM/IA) approach

Each comes with different levels of system and operational complexity and, crucially, a requirement for different amounts of collateral to be posted. Alan Sheehan of Calypso Technology explores the three different options.

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